UTV Consolidated net jumps to Rs 17.6 cr

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New Delhi, Oct 25 (UNI) UTV Software Communications Ltd today said its consolidated net profit jumped 335 per cent to Rs 17.6 crore and revenues by 89 per cent to Rs 73.5 crore for the quarter ended September 30 Buoyed by a strong performence in its movie business Chief Executive Officer of the company Ronnie Screwvala said, ''Our movie business has witnessed a triple digit revenue growth this quarter over Q2FY07 and has kicked off the strongest multi-year movie pipeline in the company's history.'' The Company's consolidated results contain of UTV-US, UTV-UK, UTV-IOM and its indirect subsidiaries Ignition Entertainment Limited, UTV-Mauritius and UTV Software Communications Limited and its subsidiaries.

On a standalone basis, UTV Software reported a net loss of 28.4 million rupees on revenue of 376.5 million rupees.

''UTV has entered into a very exciting phase where it foresees a high growth trajectory for itself in the years to come. We have achieved strong revenue and profit growth driven primarily by our three strategic verticals of Movies, Broadcasting and Interactive business,'' said Mr Screwvala.

The movie 'Metro', acquisition and syndication of Miramax films as well as syndication of its own Hindi movie library helped boost movie revenues, he said.

One of the key steps taken to create good shareholder wealth was to hive of our movies business into an overseas subsidiary which was then listed on the AIM of LSE, Mr Screwvala added.

''What we see now is only the tip of the iceberg but the true impact of M&A and integration will be seen by Q4 of this financial year and thereafter as another high growth and margin business for UTV,'' Mr Screwvala said.

UNI

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